Flexible operating models are vital for insurers’ new digital businesses
Insurers that are eager to become digital disruptors, and provide consumers with innovative connected services, often see their plans stall. Their traditional operating models can’t provide the speed...
View ArticleFour key steps for insurers to get their operating models up to speed
Insurers looking to transform themselves into successful digital disruptors should back their new business strategies with highly flexible operating models. Sometimes, they’ll need to manage several...
View ArticleInsurance change leaders outperform rivals in digital transformation
Caution and stability have been the hallmarks of the insurance industry for centuries. It’s not surprising, therefore, that in the face of looming digital disruption many traditional insurers are being...
View ArticleInsurers compelled by shareholders to adapt to digital disruption
Insurers are coming under growing pressure from their shareholders to adapt to the digital disruption that’s sweeping their markets. What’s more, they’re expected to make changes that yield results...
View ArticleOutdated thinking can block insurance transformation
Outdated approaches to business often block big insurers from adapting to the changing needs of their customers. As a result, more nimble and responsive competitors, many of them newcomers to the...
View ArticleBalancing spending is key to successful change programs
Many big insurers recognize that they need to change their organizations substantially and put digital technology at the heart of their businesses. Only by leveraging the benefits of digital technology...
View ArticleCarriers get a chance to shine at Efma-Accenture Innovation in Insurance Awards
The most creative and exciting innovations in insurance are celebrated each year at the Efma–Accenture Innovation in Insurance Awards. These global awards provide a showcase for carriers to display how...
View ArticleLooming digital disruption likely to knock insurers’ revenues
The threat of digital disruption has prompted insurers to invest heavily in new technology. Many of them have embarked on extensive transformation programs to enhance the customer experience and...
View ArticleDigital disruption shows up flaws in insurers’ business models
Insurance providers have a brief opportunity to get their businesses ready for the powerful disruption that’s about to shake-up their industry. To thrive in the highly-connected digital market, where...
View ArticleNew business models help Everyday Insurers bolster revenue
Infrequent contact with their customers, and the poor experiences that often occur when there is contact, have made insurers especially vulnerable to digital disruption. Unless they forge closer ties...
View ArticleSix key steps carriers need to take to become successful Everyday Insurers
By forging closer ties with their customers and becoming Everyday Insurers, carriers can quickly expand their product offerings and tap a host of new lucrative revenue sources. They can profit from...
View ArticleThe future of (open) insurance is fearless
In this new series of posts, I’ll propose how insurance companies can use the principles of open banking to revolutionize their business models. In the past, I’ve written about the virtues of open...
View ArticleHow can insurers open up? The case of VanderSat for Insurance
The Future of Insurance is Open In my first post in this new series on open insurance, I explained how the principles of open banking can be used to reshape the insurance industry. In my subsequent...
View ArticleHow are insurers opening up in Asia? The case of Ping An and AXA
In this series we’re looking at innovative ways that insurance companies can tap into the power and possibilities of open platforms. We’re asking what insurers can learn from open banking and how they...
View ArticleThe case for open insurance: Allianz and Lemonade
With this series, I introduced insurers to the benefits and necessity of open insurance. In this concluding post, I’ll examine two more case studies of carriers that are doing excellent work with open...
View ArticleAll the Efma-Accenture Innovation in Insurance Awards winners
The judges of this year’s Efma-Accenture Innovation in Insurance Awards have chosen Tokio Marine & Nichido Fire Insurance as the 2018 Global Innovator. Last year, the Japanese carrier was the...
View ArticleInsurers must up competitive agility to counter rising disruption
Insurers need to move quickly to fend off rising competition in their traditional markets and to seize new business opportunities. Many carriers, however, are likely to stumble. Their business...
View ArticleThree-point business strategy gives insurers a competitive edge
Insurers that adopt an integrated business strategy, which simultaneously stimulates growth, profitability and sustainability, are set to significantly outperform their competitors. Our research shows...
View ArticleInsurance execs must ask tough questions about competitive agility
Insurers can only achieve competitive agility if their executives challenge their companies’ traditional business practices. They need to scrutinize current practices and explore new ways of promoting...
View ArticleBig carriers shine at Efma-Accenture Innovation in Insurance Awards
This year’s Efma-Accenture Innovation in Insurance Awards showed that insurers throughout the world are recognizing the enormous opportunities that are being created by advances in digital technology....
View ArticleInsurers must be wary of pitfalls on the path to competitive agility
Insurers looking to change their business strategy to bolster their competitive agility need to be wary of some hazardous pitfalls. Changing business strategies is often complex and challenging....
View ArticleDisruptors in force at Efma-Accenture Innovation in Insurance Awards
The annual Efma-Accenture Innovation in Insurance Awards give valuable insights into how carriers are using digital technology to disrupt their traditional markets. This year around 50 insurers and...
View ArticleCorrect methodology crucial for carriers seeking competitive agility
Many insurers are looking to cut costs to release funds that they can plough into new growth initiatives. To boost their competitive agility, however, insurance providers need to carefully harness...
View ArticleInsurtechs star at Efma-Accenture Innovation in Insurance Awards
The decision to highlight innovative insurtech firms at this year’s Efma-Accenture Innovation in Insurance Awards has been a huge success. More than 80 start-ups submitted entries. Many of these...
View ArticleEfma-Accenture Innovation in Insurance Awards laud back-office apps
Creative customer-engagement applications and clever distribution channels often attract the most attention when insurers discuss innovation in their industry. However, smart back-office improvements...
View ArticleImagination powers insurance innovation
Innovation in the insurance industry is not only being driven by advances in digital technology. It’s also being fueled by the imagination and creativity of people working in the industry. The human...
View ArticleInsurers are starting to roll out impressive AI applications
Insurers throughout the world are looking to artificial intelligence (AI) to change how they conduct business. We found that 63 percent of insurance companies expect AI technologies to completely...
View ArticleWhy Cloud? Why Now? A Different Cloud Conversation Emerges for Insurers
Cloud adoption is on the rise for insurers. It’s not enough to talk about it anymore—insurers the world over are starting to recognize that cloud is not just about IT infrastructure; it’s about using...
View ArticleCloud FAQs: Public, Private and Hybrid Cloud Options Explained
In my first post, I demonstrated how the conversation around cloud has shifted away from “if” insurers should move to cloud, to “when” and—critically—“how”. In this post, I’ll discuss the different...
View ArticleInsurers strive for greater agility to secure big digital pay-off
Insurers are fast recognizing that they need to restructure their businesses to take advantage of the huge opportunities being created by digital disruption. Many carriers are looking to new business...
View Article4 Case Studies of FS Organizations’ Successful Journeys to Cloud
Cloud is the foundation for a digital-enabled insurer. In this blog series, I’ve spoken about the value, adoption, myths and challenges of cloud—with a focus on the new conversation that’s emerging in...
View ArticleMost traditional carriers are eyeing new revenue streams
In the face of rising digital disruption, most carriers remain confident that their traditional insurance businesses will to continue to generate healthy profits well into the future. However, many...
View ArticleThe need for partners is shaping insurers’ technology plans
The growing importance of partnerships in the insurance industry is prompting carriers to adopt collaborative business models and technologies in their quest for greater agility. Insurance providers...
View ArticleTime for insurance innovators to showcase their successes
The annual Efma-Accenture Innovation in Insurance Awards have proved to be a valuable catalyst for innovation in the insurance industry. The 2019 awards are likely to showcase a host of inspiring...
View ArticleDigital disruption – threat or opportunity?
Watching Apple’s market cap breach the US $ 1 trillion barrier, before pulling back to still stellar levels, I had to remind myself what life was like before the iPhone arrived. The launch of the first...
View ArticleInsurers should transform themselves into intelligent enterprises
Insurers around the world are realizing that they need to make some big changes to their businesses. If they don’t, they’ll struggle to overcome the digital disruption that’s threatening their future...
View ArticleInsurers need to respond quickly to rising digital disruption
Uncertainty and danger often paralyze people. The fear of encountering something even more threatening can stop people from taking any action. It’s the same with companies. Industries around the world...
View ArticleVisionary insurers are harnessing the power of digital disruption
Times of uncertainty and challenge tend to separate visionaries from their more conventional counterparts. Visionaries stand out from the crowd because they recognize how their contexts are changing...
View ArticleWrestling with digital disruption takes courage
Insurers that are looking to become living businesses, and harness the huge potential of new digital technologies, need an especially important resource. Capital and skills, of course, are essential....
View ArticleWhat can insurers learn from Chinese insurtech giant Zhong An?
“Zhong An is different because of you.” When you visit the Chinese online-only insurance company’s website, the first thing that strikes you is the company tagline. So simple, it translates easily to...
View ArticleIt’s time for insurance innovators to share their successes
With 2019 well underway, it’s a good time to double-check diaries to make sure we’ve noted all the key events scheduled for the year ahead. One date I hope you’ve recorded is 24 June. This is when the...
View ArticleIt’s time to cast your votes for this year’s top insurance innovators
Voting is now open for this year’s Efma-Accenture Innovation in Insurance Awards. Take a look at the nominees for the six prestigious category-awards on the Efma website. Then cast your votes for the...
View ArticleInsurers identify ecosystems as a source of future disruption
Insurance is one of the industries that is most vulnerable to future disruption. The introduction of new technologies brings with it of efficiencies and opportunities, but it also brings with it new...
View ArticleHow insurers can strengthen their ecosystem capabilities
Insurers may recognize the importance of ecosystems in the future, but that doesn’t mean that they are completely equipped for disruption. In fact, many carriers currently overestimate their ecosystem...
View ArticleIs pizza insurance a threat or an opportunity for industry incumbents?
I was buying a train ticket during my commute the other day when something strange happened: the payment terminal asked if I wanted to purchase a micro-insurance policy for the ride. Since the train...
View ArticleCalifornia dreaming: what the state’s new employment law signals for insurance
As you might have read, Assembly Bill 5 became law in California in mid-September. The law aims to update labor regulations to keep pace with the changing nature of work in the digital age by extending...
View ArticleNew research points to big changes in insurance industry disruption
Now that the new year is underway, I thought it was a good time to share some recent research that has important implications for the insurance industry. Accenture Research recently updated its...
View ArticleNew approach to technology deployment unlocks business value
Smart carriers are turning to a Future Systems technology strategy to ready themselves for the growing disruption that is set to hit the insurance industry. This approach, as I discussed in my previous...
View ArticleThree insurers set their sights on becoming industry disruptors
Successful disruptors deliver substantial innovation in the products and experiences they offer. They break down the barriers to entry that have long-protected markets and overcome the defenses of the...
View ArticleInsurers must find new ways to combat industry disruption
As I discussed in my previous post, the insurance industry is facing an unprecedented wave of threats to its traditional business and huge technology-driven disruption. The good news is that the poison...
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